PREI Joins Dominion Realty to Develop $54M Charter Square Office Tower in Downtown Raleigh
Prudential Real Estate Investors (PREI) has entered a $54 million joint venture with Dominion Realty Partners to develop the first phase of the Charter Square speculative office project in Raleigh.
The 11-story, 236,000-square-foot glass and steel tower will be located in the heart of the city’s downtown business district, at the corner of Lenoir Street and Fayetteville Street.
Expected to achieve LEED Platinum certification, the office building designed by JDavis Architects will also feature an exterior courtyard, restaurants, retail space and underground parking. Construction has been scheduled to begin this fall and take 12 to 13 months to complete.
“Charter Square is the cornerstone of the revitalization of downtown Raleigh, and Dominion Realty Partners is proud to partner PREI to develop this 236,000 square foot speculative office building,” Andy Andrews, CEO of Dominion Realty Partners LLC said in a news release.
Dominion Realty Partners first unveiled the project in April, without disclosing the name of its equity partner. The company is also planning the construction of a second office tower on the north site next to the Bank of America Plaza building, the NewsObserver reports.
According to Soultana Reigle, managing director and portfolio manager at PREI, Raleigh has become one of the country’s best cities to live, work and play in. The growth of the region’s technology sector has transformed the city into a tech hub similar to Seattle, Austin, San Francisco and Boston.
“We chose to invest in Charter Square because of the growing popularity of Raleigh’s downtown business district, coupled with the rising trend among working professionals who now prefer to work in direct proximity to the 24-hour amenity base a city like Raleigh has to offer. These facts and the strength of Dominion Realty Partners make Charter Square a compelling investment opportunity for our fund,” Reigle added.
Photo credits: JDavis Architects